Adjustable Rate Loans

An Adjustable Rate Mortgage Loan might be something you would consider if you plan to sell your home or refinance in the first few years. The Initial interest rates are typically lower compared to other mortgages, which can help you save money. We offer adjustable rates up to $750,000 as well as jumbo adjustable rates for loans over $750,000.

Maximum Financing:

97% Maximum Financing up to $454,350 and 95% Maximum Financing up to $650,000 on a 1 family & condominium for Purchase and Rate/Term Refinance

90% Maximum Financing on loans $650,001 to $850,000 on a 1 family & condominium for Purchase and Rate/Term Refinance

85% Maximum Financing up to $450,000 on a 1 family & condominium for Cash-Out Refinance

95% Maximum Financing up to $650,000 on a 2 family for Purchase and Rate/Term Refinance

80% Maximum Financing on a 2 family for a Cash-Out Refinance

80% Maximum Financing on a 3 and 4 family for Purchase, Rate/Term Refinance or Cash-Out Refinance

80% Maximum Financing on Jumbo Loans greater than $850,000 or for a Cash-Out Refinance

PMI required with less than 20% down-payment. Any loan that requires Private Mortgage Insurance (PMI) must meet all guidelines established by the MI company including: a) credit scores; b) property type; c) financial reserves

60-Day Rate Lock – other Rate Lock options available

Appraisal Fee

Single Family: $400.00

2-4 Family: $575.00

Credit Report Fee

Joint: $62.85

Individual: $31.55

See Rates

Rates effective as of 5/22/2019 and offered through 5/29/2019

Adjustable Rate Mortgages - Up to $750,000

Type

Rate

Points

APR1

Caps

Margin

Max Term

5/5 ARM

4.250%

0

4.712%

2/6

2.750%

30 Years

7/3 ARM Preferred2

3.500%

0

4.232%

1/4

2.750%

30 Years

7/3 ARM

4.250%

0

4.640%

1/4

2.750%

35 Years

10/1 ARM

4.625%

0

4.876%

1/4

2.750%

35 Years

5/5 ARM at 4.250% for 30 years would be repayable in 60 monthly payments of $4.92, followed by 300 monthly payments of $5.99 per $1,000 borrowed.